Latest news with #BrookeMajor-Reid
Business Wire
a day ago
- Business
- Business Wire
Affirm and Moore Capital Management extend long-term capital partnership
SAN FRANCISCO--(BUSINESS WIRE)--Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and the Moore Specialty Credit ("MSC") Platform, the Private Asset Backed Finance ('ABF') platform of Moore Capital Management, LP ('Moore'), a global private investment management firm, today announced an extension of their long-term capital partnership through May 2027. The expansion builds upon Affirm and MSC's longstanding collaboration, which will surpass a decade through their latest forward flow agreement. As Affirm's first loan buyer, Moore has supported Affirm's efforts to increase access to flexible and transparent payment options since 2017 through multiple funding channels and partnerships. "Our deep relationship with Affirm has allowed us to see firsthand their differentiated approach to driving positive credit outcomes,' said Erik Siegel, CIO of the Moore Specialty Credit Platform. 'We look forward to continuing to support Affirm as it continues to generate quality assets that deliver attractive risk-adjusted returns.' Moore has invested nearly $5 billion in Affirm's assets since beginning its capital partnership in 2017. This includes multiple forward flow partnerships with Affirm and supporting the Company's asset-backed securitizations through Moore's Private ABF platform, Moore Specialty Credit. 'We appreciate Moore's long-term support as one of Affirm's earliest capital partners, especially their analytical expertise and thoughtful approach to structuring,' said Brooke Major-Reid, Chief Capital Officer at Affirm. 'The expansion of our collaboration further validates our strategy of investing in foundational relationships as we extend responsible access to credit without any late fees or hidden charges.' Affirm empowers consumers with a transparent and flexible way to pay over time without any late or hidden fees. The company generated over $33 billion in gross merchandise volume (GMV) for the last twelve months ending March 31, 2025. With a diverse and durable funding model across multiple channels, Affirm's total funding capacity grew to $23.3 billion as of March 31, 2025, marking the ninth consecutive quarter that funding capacity increased. As a scaled and programmatic issuer, Affirm has issued 24 asset-backed securitizations totaling $12.25 billion with participation from over 150 unique capital partners across institution types, including: alternative asset managers, insurance companies, pension funds, sovereign wealth funds, hedge funds, and banks. About Affirm Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network—one based on trust, transparency, and putting people first—we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X. About Moore Capital Management Moore Capital Management is the global private investment management firm of Louis Bacon. Moore Capital invests in the public global financial markets and real estate, private lending and private equity markets. AFRM-PA
Business Wire
18-06-2025
- Business
- Business Wire
Affirm and PGIM expand long-term capital partnership to invest up to $3 billion via revolving pass-through loan sale facility
SAN FRANCISCO--(BUSINESS WIRE)--Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company and one of the largest global fixed income managers with $862 billion in assets under management 1, today announced the expansion of their capital partnership with a new revolving pass-through loan sale facility that will invest up to $3 billion over 36 months by purchasing up to $500 million of Affirm loans at any one time. This unique revolving pass-through facility follows PGIM's earlier private purchase of $500 million in Affirm loans in December 2024 as well as previous investments in Affirm's assets via the company's asset-backed securitizations. PGIM manages a leading asset-based finance platform with more than $145 billion in assets under management across public and private securitized credit 1. 'PGIM is proud to expand our longstanding collaboration with Affirm. This agreement is a further testament to our commitment to finding durable sources of risk-adjusted returns for our clients through our selective origination process,' said Edwin Wilches, co-head of Securitized Products at PGIM Fixed Income. 'This innovative pass-through facility showcases our ability to find attractive opportunities across public and private markets and how our access to diverse pools of capital can deliver value to our partners.' 'We are always in constant dialogue with our capital partners to better understand their needs and how we can deliver even more value to them,' said Brooke Major-Reid, Chief Capital Officer of Affirm. 'This first-of-its-kind facility for Affirm and PGIM does exactly that and demonstrates how we can utilize innovative structures to create winning partnerships. We greatly appreciate the PGIM team's support for our mission to deliver honest financial products that improve lives.' Affirm empowers consumers with a transparent and flexible way to pay over time without any late or hidden fees. The company generated over $33 billion in gross merchandise volume (GMV) for the last twelve months ending March 31, 2025. With a diverse and durable funding model across multiple channels, Affirm's total funding capacity grew to $23.3 billion as of March 31, 2025, marking the ninth consecutive quarter that funding capacity increased. As a scaled and programmatic issuer, Affirm has issued 23 asset-backed securitizations totaling $11.5 billion with participation from over 150 unique capital partners across institution types, including: alternative asset managers, insurance companies, pension funds, sovereign wealth funds, hedge funds, and banks. 1 About Affirm Affirm's mission is to deliver honest financial products that improve lives. By building a new kind of payment network—one based on trust, transparency, and putting people first—we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X. About PGIM FIXED INCOME PGIM Fixed Income, with $862 billion in assets under management as of March 31, 2025, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Amsterdam, Zurich, Munich, Paris, Singapore, Sydney, Hong Kong, and Tokyo. For more information, visit AFRM-PA
